At a recently concluded event of the Entrepreneurship Development Institute of India, MSME Minister Narayan Rane urged the Indian MSMEs to fill the gap left by closed factories in China. Many factories are being closed in China creating a supply gap of certain products. Indian MSMEs can start manufacturing those products to ensure a steady supply as well as capture some of the manufacturing share to add on to India’s 6% global share.
China currently leads the Global Manufacturing Market with a 64% share. Narayan Rane said that if India was able to add 10% more to their manufacturing market share, it would help them add significantly to their GDP and help in making India a superpower.